World Economy

Vetoing Sale

Vetoing SaleVetoing Sale

The head of Australia’s foreign investment review board said a decision to block the A$10 billion ($7.7 billion) sale of the country’s biggest energy grid to Chinese bidders was based on new information and not politically motivated, AAP reported.  In a series of interviews with local media published on Tuesday, review board chairman Brian Wilson defended the agency’s handling of the proposed sale of Ausgrid to the short-listed bidders, State Grid Corp of China and Hong Kong’s Cheung Kong Infrastructure Holdings. Treasurer Scott Morrison announced last week that the government would veto the sale to those companies based on national interest.